The US Treasury Department targeted an Indian businessman, his wife, and several entities for allegedly helping Iran evade oil-related restrictions.
The US Treasury Department issued fresh sanctions on Wednesday, November 4, 2026, against individuals and companies in India and Turkey for their alleged support of Iran. According to reports from News18, The Hindu and Deccan Herald, the action targets an Indian businessman, his wife, and several entities for allegedly helping Iran evade oil-related restrictions.
The sanctions are part of the Trump administration’s Operation Economic Outcast, which aims to cut off Iranian oil revenues used to fund its war with the US and Israel. The Treasury Department described the targets as part of a "vast criminal network" allegedly operated by India-based businessman Suniel Kumar Sharma.
The US also sanctioned Sharma's wife, Jaspreet Preeti Shahid, two other Indian nationals heading businesses associated with the couple, and nine entities linked to Sharma. The Treasury alleged the group's schemes provided false flags and certifications to sanctioned vessels transporting Iranian petroleum, including those operating for the Iranian military and its proxies.
The couple, based in Chandigarh, is accused of running an unauthorised maritime registration network since at least 2014. They allegedly used websites to falsely claim to represent the maritime regulatory authorities of various countries, including Guyana, Eswatini, Laos, Aruba, Mali, Mozambique, Malawi, Sint Maarten, and Timor-Leste.
Additionally, the US sanctioned Turkey-based Fugo Ground Services Inc for allegedly supporting Iran’s sanctioned aviation sector. US Treasury Secretary Scott Bessent stated that the government would continue to target those supporting the Iranian regime by land, sea, or air.
